WTI crude futures fell steeply on 5 July with concerns of a global recession looming over demand estimates. August Nymex WTI plummeted by $8.93/bl to $99.50/bl, from the prior session of 1 July, marking the frst sub-$100/bl settlement since 10 May. September Ice Brent fell by $10.73/ bl from 4 July to $102.77/bl. The September Brent-September WTI spread widened to $6.25/bl.
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